IN THE DOLDRUMS

Let's brace for tough times ahead

Yatani puts this year's growth at between 1.8 and 2.5 per cent.

In Summary
  • The World Bank says the world is staring at recession.
  • The public needs to observe the stipulated health requirements to help us get out of this situation sooner than later.
Treasury CS Ukur Yatani
Treasury CS Ukur Yatani
Image: /JACK OWUOR

The Economic Survey 2020 released on Tuesday does not paint a rosy picture for Kenya.

Last year economic growth slowed down to 5.4 per cent compared to 6.3 per cent in 2018. National Treasury Cabinet Secretary Ukur Yatani puts this year's growth at between 1.8 and 2.5 per cent.

This is conservative and it could be worse. Key sectors such as tourism, general services, industry, and transport have all taken a hit from the effects of the coronavirus pandemic.

 
 
 

Kenya's case is not unique as the entire global economy is reeling from the effects of the virus, with the World Bank saying the world is staring at recession.

It is in such tough times, to paraphrase former US President John F Kennedy, that as Kenyans we should be asking ourselves not what the country can do for us but what we can do for the country.

Kenyans should heed this call for action to do what is right for the greater good.

The public needs to observe the stipulated health requirements to help us get out of this situation sooner than later.

All funds appropriated towards the stimulus package must be well utilised to keep the economy going.

Politicians too must expend their energy in helping sustain the economy and get it back on its feet post Covid-19 instead of their preoccupation with succession politics.

Short of any concerted efforts, we will be in the doldrums much longer than anticipated.

 

Quote of the Day: “If you feed enough oats to the horse, some will pass through to feed the sparrows.”

John Kenneth Galbraith

The Canadian economist died on April 29, 2006.